Johnny Ronan claims Nama destroyed his business

Developer tells banking inquiry he has grave concerns about the operation of the agency

Developer Johnny Ronan has claimed the National Assets Management Agency destroyed his business.

In a written statement to the banking inquiry, Mr Ronan said he has grave concerns about the operation of the organisation.

Mr Ronan has just exited Nama after refinancing €300 million in debt.

In his correspondence, the developer said: “My relationship with Nama started well and, on its establishment, the RGRE and TH teams were both instructed to engage fully with Nama and provide whatever information and assistance it required. “However, in time and by the actions of certain individuals in Nama, that relationship deteriorated significantly culminating in the enforcement on Treasury Holdings and consequently destroying that business and the significant development opportunities (including Battersea) it held.


“Nama, by its founding legislation, was granted such wide reaching and potentially unconstitutional powers that, unless it came under constant and careful scrutiny, it was always open to abuse.

“In addition, it seemed to me, Nama was granted an endless financial budget to engage legal, public relations and other professionals to ensure that it would always have the financial muscle to win every argument.”

Mr Ronan said it was his belief that individuals in Nama were prejudicial towards Treasury Holdings.

He said it his belief they made a decision to “take it down, whatever the consequence and regardless of the cost to the taxpayer”.

Mr Ronan also criticised Government officials and claimed they “deferred to Nama, refused to meet us or get involved”.

He said the organization wanted to make an example of Treasury Holdings.

The developer said: “In my view, it would be mistake to look back over that time and consider Nama to be a success.

“It was widely referred to as the largest property company in the world. Yet, it was led by former civil servants with no proper real estate experience.

“That is akin to asking an accountant to fly an airplane or a butcher to perform heart surgery.”

Nama made decisions based on their own feelings and gave little or no consideration to the Irish taxpayer, he said.

Read the full statement here.